Need and Want

It's cold outside. I ... to take a coat.

• need

• want

After taking a bath, you ... to use a towel.

• need

• want

If you go to the beach, you ... to bring a hat.

• need

• want

We ... to bring any blankets, because she has a lot of blankets in her house.

• don't need

• need

• don't want

• want

Your friend’s parents are worried about going over their budget for the month. Which are needs they should pay first?

• rent payment

• car insurance

• cable service

• groceries

• a new TV

Why is it important to differentiate between needs and wants when budgeting?

• To spend more money on wants

• To ensure you can live without needs

• To prioritize spending and savings

• Wants are more important than needs

If an expense can NOT be removed from your budget to save money, it is considered a _____.

• Income

• Want

• Need

• Savings

Which of the following is considered a "need"?

• A new smartphone

• Dining out at restaurants

• Rent or mortgage

• A gym membership

What should you do if your expenses exceed your income?

• Borrow money to cover the difference

• Cut back on your wants

• Increase your needs

• Ignore the problem

What is a "want" in terms of budgeting?

• Something that is essential for living

• A luxury or non-essential item

• A fixed expense

• A variable expense